The fallout from last night's backbench debate on the RDR has spilled into the Treasury Select Committee, with Mark Hoban once again facing a grilling on the issue.
The financial secretary to the Treasury came before MPs to be questioned on a variety of issues related to financial regulation, focusing largely on the new Financial Policy Committee and the responsibilities of the CPMA and PRA.
However, with a number of MPs from last night's debate sitting on the Committee, the RDR came up a number of times and in particular the lack of political accountability for the FSA.
George Mudie MP said: "At the end of the day apart from making the statements in the house, it seems the last word is with the regulator.
"Is nobody in the Treasury concerned about what even the bankers call the democratic deficit?"
Hoban responded: "The regulators take their accountability to parliament particularly seriously and that does have an impact on the way they conduct their work.
"They listen very carefully to views expressed in this room and in parliament and they are always willing to engage with members of parliament on this.
"I think there is always a risk their independence, credibility and authority is undermined if it is seen that they are being politicised."
Mudie also brought up the impact of regulation on the mortgage market, saying: "The full horror of the FSA's reign of fear on mortgages has not really percolated and people are not really understanding why mortgages are starting to be rather scarce.
"It would be very difficult to get a mortgage without a very very big deposit if you are a first time buyer or if you were self-employed. Hard luck seems to be the phrase and at a time when the construction industry desperately needs the market to pick up.
"That is the early actions and warning of an independent regulator."
Another concern was the plethora of regulatory bodies set to be introduced over the coming months and years, including the Financial Policy Committee, the Prudential Regulatory Authority, the Consumer Protection and Markets Authority and the Economic Crime Agency.
Hoban faced persistent questioning about who would be responsible in the case of another banking crisis, with the Northern Rock collapse referenced a number of times.
He claimed the PRA would be responsible in the event that another failure of that scale were to happen, insisting the new system would have clarity when it comes to accountability.
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